student loans

Wells Fargo exploring $1 billion-plus corporate-trust sale


Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student loan portfolio, according to people familiar with the matter.


What Wells Fargo’s exit from student lending means for competitors


With the sector facing serious headwinds — from declining enrollment during the pandemic to the prospect of a Biden administration making college free for many families — the departure of a major player could be a shot in the arm for the likes of Discover and Sallie Mae.


What's in, what's out as KeyCorp resets consumer strategy


The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses.


6 ways credit unions can attract Gen Z during coronavirus


The industry can gain lifelong members in this demographic by validating their financial concerns as the economy struggles and offering guidance without judgment.


Lenders must learn from pandemic-related credit reporting issues


Credit unions need to improve their processes to ensure the problems that have arisen with credit reporting during the coronavirus don't happen again.


Credit unions could take a hit as pandemic alters college landscape


Lenders are struggling to deploy deposits into interest-earning assets, and changes to post-secondary education may further limit these options.


Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill


The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.


Student borrower protection bill on verge of passage in California


The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.


PayPal vows action after advocates flag ties to unaccredited schools


A borrower advocacy group is asking federal banking regulators to investigate PayPal and Synchrony Financial, which partner on a product that is used to offer high-cost education financing.


Student Loan Relief Update


Student loan relief provisions required by the CARES Act expire on September 30. Those protections included 1) for all federal direct loans: zero interest and automatic payment forbearance, 2) credit towards IDR and PSLF forgiveness for the 6 months covered by the Act, and importantly, 3) suspension of wage garnishments and other collections on defaulted loans.